The Kuwait-based Burgan Bank has agreed to sell a 52% share in its Turkish unit Burgan Bank Turkey to Al Rawabi United Holding, owned by Kuwait Projects, according to a statement by the bank to the Public Disclosure Platform (KAP).
The share sale is expected to be finalized in the upcoming weeks.
Burgan Bank will maintain operating control over the unit and consolidate it in its financial results.
The statement said the transaction is expected to positively impact capital ratios and reduce the impact of the lira volatility on the bank.
The necessary permissions for the transaction have been received from the Banking Regulation and Supervision Agency (BDDK).